This is heartening. The budget deficit essentially refers to the balance between spending and earning by a country in a fiscal year. So the less the deficit, the better it is. However, another parameter called the public debt is another matter altogether.
The public debt, also expressed as a percentage of the GDP, is the overall debt the country is in. The figure on the left indicates the public debt of the world. I have little respect for the fiscal policies of the US and the UK. Which is why, their public debt of close to 60% doesn’t surprise me. However, what worries me is the stark difference between India and China. Our public debt is close to 40 percent whereas China is sitting comfortably at 10-20 percent.
The good thing about percentages is that they hide the reality a little. In absolute money terms, with a GDP 3 times as that of India, a ten percent deficit of China is almost similar to a 40 percent deficit of India. However, that shouldn’t be a reason for joy.
I also noticed the grey colors in the map. Either they have non-existent GDP, no public debt or the data is not available. Considering that the countries seem to be West African ones or Mongolia, it seems to be a valid question